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Overview of all TRON (TRX) cryptocurrency wallets – online, cold and hardware

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In this article, we will describe in detail all the ways of storing TRON cryptocurrency . In general, the user can choose one of two options:

With proper use, wallets provide a higher level of security, and we will talk about them in the main part of this article.

Cold wallets

A cold wallet differs from others in that it is installed on your personal computer. Therefore, all data is stored offline, so for fraudsters hacking and obtaining a key from a wallet is an impossible task.

Features of the cold wallet for the Tron cryptocurrency are:

  • Mandatory blockchain download;
  • Access is available only on one device (personal computer);
  • The security level is quite high so that the user is protected from hacker attacks;
  • Setting up a wallet can take a lot of time;
  • Installing a wallet is free, but it requires a lot of free disk space.

We recommend using the official multicurrency wallet from Exodus , the wallet has been operating since 2016. Negative news and hacks were not observed.

Online wallets

If the user correctly uses the online wallet, this provides a high level of security for storing tokens. However, the Tron cryptocurrency is used relatively recently, so sometimes it is used as a speculative asset.

Therefore, some users are sure that it is more profitable to store it on the exchange. In this case, it is worth periodically checking the information about whether the exchange of your choice supports the migration of TRX tokens.

The most reliable and well-known exchanges for storage:

To create an online wallet for Tron, you must complete the registration procedure on the MyEtherWallet website:

  1. On the resource page, select the "Registration" button, after which a tab with the corresponding heading will open.
  2. Next, you need to create a password. It should be as reliable as possible, as it is about your future investments. It is important to use numbers, symbols and letters, both lowercase and uppercase.
  3. After that, you will be prompted to download the Keystore / JSON file. As soon as the download process is completed, click the “I understand. Continue".
  4. Save your private key or print it.

In order to enter your wallet, the site will offer several options:

  • Log in using the key and password file, which was indicated in the first step of registration.
  • Using a unique set of English words and characters, the length of which is at least 12 random words.
  • To enter the wallet, you must enter your private key.

As practice shows, the first option is the most reliable. As soon as the password is entered and the system confirms that it is correct, information about the wallet will appear. In order to get TRX, you need to copy the address in the "your address" column. To send tokens to another user, click “Send Ether & Tokens”.

Hardware Wallets

You cannot create a hardware wallet for Tron, you can only buy it and use it to connect to an existing wallet. The hardware version is the most expensive, but one of the most reliable.

Most suitable is the Ledger Nano S wallet. You can purchase it on the official website of the project and pay using a bank card. The average cost including delivery is 98 euros. Trezor wallets are also popular.

Once this wallet is delivered to you, open the instructions that will be attached to the device. It describes in detail the process of setting up your wallet. An important condition is to look at the Ethereum address that you will need to get TRON.

All operations will be carried out using the MyEtherWallet online wallet, which in this case is used as a graphical interface. To send or receive tokens, you just need to connect the device to the computer, go to the site and click the "Send Ether & Tokens" button.

How to create an official TRON cold wallet (TRX)?

To create a Tron wallet (TRX), you must follow these steps:

  • Go to https://tronscan.org/#/wallet/new . In the upper corner, select the Open Wallet” button , and in the window that appears, click on “Create Wallet”.
  • After you come up with your personal key, enter it in the form that appears and click “Next”.
  • A Keystore File will be created for you . Save it to your computer or print.

Now that your personal wallet has been created, the site will offer you to familiarize yourself with its contents. As soon as you log in, the address of your wallet will be displayed in the corresponding field.

Topping up and withdrawing TRX tokens

You can purchase TRX cryptocurrency on the popular Binance exchange . After completing the registration procedure, you will need to perform the following steps:

  • Select the “asset” line in the menu and go to the “deposits” tab;
  • In the list, select the currency for which you intend to buy the Tron;
  • Transfer funds to the account of the exchange, but if the money is already in the account, you will need to go to the column "shopping center" – "main";
  • As soon as you open a trading window, where you can see the price;
  • After that, just click the buy TRX button.

To withdraw funds on the same exchange, you will need to do the following:

  • In the “asset” tab, find the line “withdraw cash”;
  • In the field that appears, enter the name of the currency – “TRX”;
  • In the window that appears, enter the address of your wallet in the upper line, and the number of tokens in the lower line.

Wallet Recovery

Since the Tron is a decentralized currency, there are currently no ways to renew access when a password is lost. The system does not have access to user wallets, therefore, in case of a key loss, you can use only two tron wallet recovery methods:

  • Try to recover the password by sorting through the combinations that the user used earlier to protect the wallet from hackers.
  • If you copied a wallet using a recovery phrase of 12 or more characters, then using it you can create a new wallet while maintaining balance. However, the funds stored at the imported addresses will be irretrievably lost.
  • Most multi-currency wallets have a backup option, be sure to copy the wallet image and move it to a secure USB drive.

Conclusion

These wallets are reliable enough if used correctly. However, the most secure for storing both TRX and other cryptocurrencies are hardware wallets.

Nevertheless, since TRON is only gaining popularity, for beginners it is enough to store cryptocurrency on online wallets, the main thing is to carefully store keys and passwords. If you are an experienced user, then it is advisable to use Ledger or Trezor wallets, especially if your plans include storing a large number of coins.

Publication date 10/30/2019
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Robert Kiyosaki: Bitcoin will be the future of finance, unlike real estate and gold

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Robert Kiyosaki, author of the best-selling book Rich Dad, Poor Dad, said real estate and gold investments cannot be the future of finance, as cryptocurrency has come into the spotlight. The entrepreneur, who several times this year called the ideal investment portfolio to invest in gold, real estate and bitcoin, now believes that only cryptocurrency will strategically win.

In an interview with Anthony Pompliano, managing partner of cryptocurrency investment company Morgan Creek Capital, Kiyosaki said that you really need to look “beyond the horizon” of the current financial situation. He admitted that it was not easy for him to understand the phenomenon of cryptocurrencies, but nevertheless he made an effort, conducted an analysis and made certain conclusions.

According to Kiyosaki, bitcoin will reach the level of 75 thousand dollars within three years.

“It is very important to understand how cryptocurrencies work, as the financial world is already starting to change. Those investors who will continue to rely on gold and real estate will find themselves outside the main changes in the sphere of global finance. ”

The entrepreneur made his forecast while on July 9 a troy ounce of gold reached almost a 9-year high (about $ 1800), if we do not take into account the accumulated inflation in the US dollar.

Meanwhile, the precious metal has not reached the historical maximum of 2011, since for this formally a troy ounce it is necessary to rise above $ 1900, but in fact – it is sure to overcome the mark of $ 2050, given the accumulated devaluation in the US currency.

Recall that entrepreneur Kim Dotkom and billionaire Mike Novogratz declared their investment preferences in the form of gold and cryptocurrencies .

Date of publication 07.15.2020
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Staking and cryptocrediting – which is more profitable than stablecoins or PoS cryptocurrencies?

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In this article, we will consider the prospects of cryptocurrency staking as a new way of passive earnings, about the differences between staking and cryptocrediting, as well as about the main platforms designed for this.

If you have not been interested in staking before, then a variety of coins and platforms that support this type of passive income can make you dizzy. And with the advent of stablecoins, the choice has become even wider. What type of coins is better in terms of profit and risk?

Cryptocurrency Staking in 2020

A year ago, cryptocurrency staking was much simpler than now. The cryptocurrency market was attended by only a few specialized platforms, a pair of popular cryptocurrencies and approximately the same rate of return.

But these times have passed: in 2020, staking has grown into a serious segment of the crypto industry for several reasons.

  • Firstly, the market now has more than 30 PoS coins that support the possibility of staking.
  • Secondly, many kriptobirzh now there own PoS-nodes – an interesting alternative to special steykingovym platforms.

Moreover, now investors are provided with staking and deposit accounts in stablecoins, which allow minimizing risk and getting profitability at the level of PoS-coins or even higher. What to choose?

To find out, you need to compare the two main options on the market (PoS coins and stablecoins), according to a number of clear criteria. However, an important reservation must first be made about the nature of staking.

Staking and cryptocrediting are not the same thing

Coins that use the Proof-of-Stake (PoS) consensus algorithm – Tezos, Cosmos, BIP, and LOOM – initially support staking. While the value of stablecoins is tied to a specific asset – for example, to the US dollar.

Stablecoins are not available for styling, but loans – coins are issued as a loan to another user who pays a deposit in response. However, for investors there is no particular practical difference between staking and lending. That is why one can hear on the cryptocurrency market, for example, about “USDC staking”.

Real ROI and Volatility

Let us compare the return on investment in PoS coins and stablecoins and how this indicator is affected by the volatility inherent in the crypto market.

  • PoS coins . Each coin has its own nominal rate of return built into the algorithm. For example, for Cosmos (ATOM) it is 8.35%. However, a really important value is the real profitability, which is calculated on the basis of price changes for any period. For example, if you invested $ 10,000 in the stake of ATOM coins on January 1 of this year, then by June 1 you would have received a nominal income of about 3.5%. Instead of 2309 coins, you would have 2390. However, over the same period of five months, the price of a coin fell by more than 30%: from $ 4.33 to $ 2.96. The cost of the steak, along with interest, would be only $ 7075, and the real ROI would drop to -30%.
  • Stablecoins . Everything is simple with them: what rate is declared, the investor receives such ROI, minus the platform commissions. On cryptocrediting platforms, the rates are quite stable and allow you to predict income: for example, if you pay 1.94% per annum for USDC deposits on Fulcrum platform, then your profit in dollar terms will also be 1.94%, unless something out of the ordinary happens the USDC coin will not lose its peg to the US dollar.

Verdict: on average, the real ROI of stablecoins is higher and more predictable, as there is almost no volatility. A PoS coin can suddenly increase in price and bring profitability of 20% or more, but it can also lose half its value.

Number of platforms available and conditions

Next, we compare the number of available platforms for staking PoS coins and stablecoins and the conditions that they offer to holders.

PoS Coins

Dozens of platforms offer staking popular coins like Tezos and Cosmos. These sites can be divided into two categories:

  • Specialized sites are Staked, Staking Lab and Dokia Capital, among others.
  • Crypto exchanges – Bitfinex, Kraken, and KuCoin are among the smaller platforms.

Of course, platform competition is good for investors, but such a wide choice also means that you have to spend more time searching for information.

Having chosen a coin, it will be necessary to study the rates of return taking into account the commission at different sites, as well as assess the risks of each of them. Moreover, commission rates on different platforms can vary greatly, which affects the investor’s income. For example, for the ATOM coin, the Binance exchange promises a yield of 6–9% per annum, while on Stakin this figure will be 9.1%, and on Gate.io – only 6.1%.

Stablecoins

This type of digital asset can be deposited on various lending platforms:

  • Centralized – BlockFi, CoinLoan, Nexo, as well as a number of exchanges – Binance , Bitfinex, Poloniex.
  • Decentralized – Compound, Nuo, dYdX, Aave and others.

It should be borne in mind that different lending platforms can offer completely different rates for the same coin. For example, deposit income in USDC ranges from 1.25% to 8.6%.

Verdict: by the number of platforms, ordinary staking coins win. However, in the case of staking or lending in stablecoins, choosing a platform is easier: you do not have to compare so many options.

Risks: interest in the project

We have already mentioned volatility as a key risk factor. When staking stablecoins, the investor receives a reward in cryptocurrency , which can often be exchanged for fiat. But staking PoS-coins can lead to losses due to volatility. Another factor by which it is worth evaluating the profitability of investing in a PoS coin is the level of interest in a particular coin.

Stablecoins have a significant advantage: they were originally created as a reliable way to store and transfer funds between participants in a transaction. In the current crisis, investor interest in stablecoins can only grow. On the other hand, each PoS coin is a cryptocurrency of some kind of blockchain project , which can both succeed and fail. If the founders do not launch the product, then the price of the token may fall.

Another risk factor is the platform on which staking takes place. Both for stablecoins and for PoS-coins, both centralized (custodial) and decentralized (non-custodian) platforms are available. A cryptocurrency exchange like Binance is a classic example of a custodial solution: you transfer coins to the exchange for storage. If she is attacked by hackers, your steak may disappear.

In the case of non-custodian platforms, the risk of theft or fraud is quite low. It doesn’t matter which asset to use when staking or depositing and where: USDC – on Compound, USDN – on Waves․Exchange, XTZ – on P2PValidator.

And vice versa: on custodian platforms, the risks are higher, both in the case of providing stablecoins on credit, and in the case of PoS-coins staking. And since the bulk of PoS staking passes through exchanges such as Bitfinex and Binance, we can conclude that, on average, the risks of owners of PoS assets are more serious.

Verdict: PoS coins are more risky, because their price is highly dependent on both interest in the blockchain project itself and market sentiment. It is safer to choose non-custodian platforms for both types of coins.

Output

Nominal rates of return for PoS coins are often very attractive, but price fluctuations can lead to negative profitability. In the case of stablecoins, a positive result is almost guaranteed. At the same time, you should not expect earnings on stablecoin more than 15-17%, although it is possible with a PoS asset.

Ultimately, the choice should depend on your personal attitude to risk. Investors who are willing to take risks in the hope of earning super-high returns should invest in a classic PoS coin – for example, Tezos .

If it is important for you to keep the investment (especially in the case of large amounts), then stablecoins are definitely preferable due to the better risk-to-ROI ratio.

As the global economic crisis deepens, more and more investors will acquire crypto assets. This will undoubtedly change the market balance in the segments of staking and cryptocredit. How exactly? We will find out soon.

Date of publication 09.07.2020
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Binance Exchange added the ability to purchase cryptocurrency from Mastercard

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This Friday Binance Exchange announced the addition of the possibility of buying cryptocurrencies using bank cards in the Mastercard system.

The service covers 19 countries, including Russia and Ukraine. There are no other CIS countries on the list yet.

To use the option, you must log in to your personal account at https://www.binance.com/ , go to the “Buy Cryptocurrencies” tab and select payment using a bank card. Bitcoin, Ethereum, XRP, Binance Coin, USDT and some other assets are available for direct purchases from Mastercard cards.

Previously, users already had the opportunity to buy cryptocurrency on Binance using Russian Visa cards.

Also this morning, Binance CEO Changpen Zhao hosted another live broadcast at Periscope. Zhao’s speech mainly covered the latest achievements of the exchange, including the launch of the Binance Card , mining pool , Binance KR, OTC portal, as well as cooperation with Brave and the acquisition of CoinMarketCap . In addition, Zhao recalled the need to maintain social distance.

“We have completed the initial development of platforms, and now I think it is important for us to support mining , since bitcoin mining is now centralized. We want more players to take part in it, as well as support existing players, ” he said.

In addition, on his Twitter, Zhao shared a screenshot testifying to the preparation of the exchange for the launch of option trading.

He left no comments on this subject. In the main Twitter account of Binance, a list of tasks for testers that was “publicly available” was posted. Among other things, it includes the item “test option trading”.

Publication date 04/04/2020
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